Demand for apartments is up across Piedmont
GREENSBORO, N.C. — Apartments are in high demand across the Piedmont, prompting new builds and the expansion of older apartments.
“It’s a good time to be an apartment owner,” said Steven Bell, Chairman and CEO of Bell Partners, Inc. His company operates apartment complexes in several states.
Bell says the growth comes from a few factors including younger generations choosing to postpone home-ownership.
“Young people need the mobility to move to another location if they should lose their jobs. Young people are getting married later, having children later, consequently they are postponing owning a home,” said Bell.
Bell believes young adults no longer view home-ownership as an investment.
“Home ownership isn’t what it was 10 years ago. A lot of homes have declined in value and we think they’re not going to be the investment going forward that they have been in the past,” said Bell.
A weak housing market is also making more people consider renting over buying a home.
Lindsey Weir with Greensboro’s Signature Property Group says this means rent prices are increasing, but renters can expect more amenities, like high-end finishes, WiFi, gyms and pools.